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    A096530   KR7096530001

SEEGENE, INC.

(A096530)
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Seegene : announces partnership with Bio-Rad to develop diagnostic testing products for the U.S. Market

07/06/2021 | 06:01am EDT
  • Seegene announces partnership with Bio-Rad for the development and commercialization of infectious disease molecular diagnostic products
  • Diagnostic tests designed for the pandemic and the post-pandemic era with high multiplex technology
  • A significant step forward for Seegene in expanding its business to the U.S., the world's biggest in vitro diagnostics market.

SEOUL, South Korea, July 6, 2021 /CNW/ -- Seegene Inc. (KQ 096530), a South Korean leading biotechnology firm has signed a partnership agreement with American biotechnology company Bio-Rad Laboratories, Inc. to support entering the U.S. market. 

Seegene announced on July 1 that it has signed a partnership with Bio-Rad, laboratories, Inc. for the clinical development and commercialization of infectious disease molecular diagnostic products. Under the terms of the agreement, Seegene will provide diagnostic tests for use on Bio-Rad's CFX96™ Dx Real-Time PCR System for the U.S. market, pending clinical development and approval from the U.S. Food & Drug Administration (FDA).

According to the 'Report on the U.S. In Vitro Diagnostics market Trend' released by the Korea Trade-Investment Promotion Agency (KOTRA) in 2020, North America is a very important market, accounting for about 37 percent of the global in vitro diagnostic industry. However, it has been difficult for newer foreign companies to enter the U.S. market because the market has already been dominated by well-established global companies and the U.S. government prioritizes its domestic products. Under such circumstances, the supply deal with Bio-Rad, a biotech giant with over 60 years of history, is expected to be a significant step forward for Seegene in entering the U.S. market.

Founded in 1952, Bio-Rad is a global leader in the fields of life science and clinical diagnostics. The company has been Seegene's major partner over the past ten years. Previously, Seegene was able to generate some 1 trillion won worth of sales revenue by applying its diagnostic assays to Bio-Rad's PCR systems that had already been installed globally. This new partnership is expected to streamline the process for Seegene to seek U.S. FDA clearance and the partnership of the two world class companies is expected to drive new U.S. market opportunity.

Seegene plans to submit applications for FDA approval for its diagnostic reagent made of the firm's high-multiplex diagnostic technology, which is unique in its capability to simultaneously screen multiple target genes on a high throughput real time PCR system. Using Seegene's proprietary technologies, it can also selectively amplify target genes while identifying different viruses and the number of viruses. Thanks to the deal, Seegene will partner with Bio-Rad to plan to seek U.S. FDA clearance and offer a wide range of its products to U.S. customers.

Under the deal, Seegene intends to seek U.S. FDA clearance for clinical assays on Bio-Rad's real-time PCR system 'CFX96  (TM) Dx Real-Time PCR System'.

This includes an intent to clear Seegene's 'AllplexTM SARS-CoV-2/FluA/FluB/RSV Assay', a multiplex real-time PCR assay. Going forward, the company says it is also planning to establish research and manufacturing facilities in the United States. This deal provides the potential access for Seegene to enter the U.S. market with items selected among over 150 diagnostic assays already sold globally.

The AllplexTM SARS-CoV-2/FluA/FluB/RSV Assay can simultaneously detect and differentiate a total of five viruses including Flu A, Flu B, RSV A/B and three target genes of COVID-19 (N gene, S gene and RdRP gene) in a single test. It is also suitable for mass testing and capable of targeting more genes than its competitors' products. It is also expected to play a critical role in a new pandemic situation by detecting various respiratory diseases as well as genetic variants which may resurge in the U.S. when the country eases prevention guidelines following the nationwide vaccination.

Ho Yi, Chief Sales and Marketing Officer of Seegenesaid, "To expand our business in the U.S. market, it is important to work closely with a global company like Bio-Rad that has comprehensive network in the region. Together with Seegene's advanced technology and Bio-Rad's solid client base, the two will be able to take the lead in the U.S. market." He added that "The deal is expected to serve as the steppingstone for Seegene to secure its foothold in the U.S.market. And it will also help increase the company's revenue and expand the business into other countries going forward."

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SOURCE Seegene Inc.

© Canada Newswire, source Canada Newswire English

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Financials
Sales 2021 1 244 B 1,06 B 1,06 B
Net income 2021 486 B 0,41 B 0,41 B
Net Debt 2021 - - -
P/E ratio 2021 7,02x
Yield 2021 5,75%
Capitalization 3 382 B 2 869 M 2 872 M
Capi. / Sales 2021 2,72x
Capi. / Sales 2022 4,74x
Nbr of Employees 833
Free-Float 67,9%
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Number of Analysts 1
Last Close Price 65 300,00 KRW
Average target price 89 000,00 KRW
Spread / Average Target 36,3%
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Managers and Directors
Jong-Yoon Chun Chief Executive Officer & Director
Jung-Yong Kim Director & Head-Finance
Hong-Il Yoon Independent Director
Chang-Se Lee Independent Director
Kyung-Jun Chun Director
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